ND Legacy Fund. This is pretty cool. After a really, really bad year (relatively) for the ND Legacy Fund, 2016 looked pretty good. It looks like the bleeding has stopped. If you go to the link, toggle back and forth between 2016 and 2015; it's pretty remarkable.
It is amazing that out of the dozens of companies that were in the news
from the very beginning, "we" picked up on Solyndra immediately.
The blog is full of Solyndra stories right from the start (see tag). It turns out "we" were correct all along.
Taxpayer
money to Solyndra; CEO and directors donate to DNC; Solyndra goes by
the wayside after the election. At the same time Lois and the IRS
targets Tea Party groups ensuring they are not given tax-free status and
the rest is history as they say.
The interesting thing is that Solyndra was not the only scam. I doubt many folks remember this post and the list of 36 companies that received federal support from taxpayers
have either gone bankrupt or are laying off workers and are heading for
bankruptcy. This list includes only those companies that received
federal money from the Obama Administration’s Department of Energy.
The amount of money indicated does not reflect how much was actually
received or spent but how much was offered. The amount also does not
include other state, local, and federal tax credits and subsidies, which
push the amount of money these companies have received from taxpayers
even higher.
The complete list of faltering or bankrupt green-energy companies:
Evergreen Solar ($24 million)*
SpectraWatt ($500,000)*
Solyndra ($535 million)*
Beacon Power ($69 million)* -- see "update/correction" below
AES’s subsidiary Eastern Energy ($17.1 million) -- see "update/correction" below
Nevada Geothermal ($98.5 million)
SunPower ($1.5 billion)
First Solar ($1.46 billion)
Babcock and Brown ($178 million)
EnerDel’s subsidiary Ener1 ($118.5 million)*
Amonix ($5.9 million)
National Renewable Energy Lab ($200 million)
Fisker Automotive ($528 million)
Abound Solar ($374 million)*
A123 Systems ($279 million)*
Willard and Kelsey Solar Group ($6 million) -- see "update/correction" below
Johnson Controls ($299 million)
Schneider Electric ($86 million) -- see "update/correction" below
Brightsource ($1.6 billion)
ECOtality ($126.2 million)
Raser Technologies ($33 million)*
Energy Conversion Devices ($13.3 million)*
Mountain Plaza, Inc. ($2 million)*
Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
Range Fuels ($80 million)*
Thompson River Power ($6.4 million)*
Stirling Energy Systems ($7 million)*
LSP Energy ($2.1 billion)* -- see "update/correction" below
UniSolar ($100 million)* -- see "update/correction" below
Azure Dynamics ($120 million)* -- see "update/correction" below
GreenVolts ($500,000)
Vestas ($50 million)
LG Chem’s subsidiary Compact Power ($150 million) -- see "correction" below
Note: the
list came from another source; not all links were fact-checked. Much has
been lost since the list was originally published. I can no longer
vouch for the accuracy of the list, but it gets the point across to
anyone paying attention. If this is important to you, go to the original
source, at the post linked above.
reports surging vehicle sales; expected to continue
world's largest auto market
Is this the definition of a Pyrric victory? Am I missing something? From Twitter:
If there was a victor, I'm pretty sure it was not Saudi Arabia. If anything, the US shale industry was the victor, and to call it a Pyrric victory is a stretch. The US shale oil sector struggled, lots of pain, but in the big scheme of things, the industry survived stronger than ever.
The real question is whether Saudi Arabia will ever try this again in my investing lifetime? I doubt it.
From The Williston Herald, the definition of insanity, or more likely, paid participation, the fighting Sioux:
Tipis and tents still
stand against a frigid North Dakota winter in the Oceti Sakowin camp
along the banks of the Cannonball River. The occupants in what is the
largest Dakota Access protest camp have withstood blizzards and extreme
temperatures, but a force of nature is coming that the camp won’t be
able to withstand.
Substantial
spring floods in the Cannonball River area appear likely, with the
Bismarck-Mandan area already receiving 55.3 inches of snow. That is the
most accumulation on record for that area through January 10, 2017, according to
National Weather Service data. The above-average precipitation is likely
to continue. A La Nina weather pattern still has the Great Plains in
its grasp, which tends to result in winters that are colder and wetter
than average. Weather forecasters have predicted the trend will continue
for at least the next month — if not longer.
The
amount of precipitation, however, is just one of the many factors that
will play into how big localized flooding gets in the vicinity of the
protest camps. Garland Erbele is an engineer with the North Dakota State
Water Commission, and is among state officials with eyes on the
situation.
And more:
Another flood like the one in 2013 would not only put the camp’s
estimated 500 to 800 occupants in harm’s way, Archambault said during
the meeting, but debris from the camps — which include abandoned
vehicles and buried human wastes — could result in contamination of the
very river protesters have said they came to protect.
Oil cut: Saudi says it will cut more oil production in February than originally agreed. Sends price of oil up a bit; will probably close above $53.50 or thereabouts. But not only that, look at this: Saudis concerned oil market could become "tight" by 2020. From Platts:
The world could run short of oil by 2020 due to the recent sharp global
downturn in upstream investment, Saudi Energy Minister Khalid al-Falih said
Thursday.
"From what I can see, within two to three years there will be tightness
because many projects have been deferred and delayed," Falih told delegates at
the Atlantic Council Global Energy Forum in Abu Dhabi.
He's talking his book, as they say on the street. Saudi needs best price possibly going into the Saudi Aramco IPO and $50-oil isn't going to cut it.
Blizzard conditions are sweeping Britain, with snow falling as far south as London and dozens of flights grounded, amid coastal evacuations because of a flood risk.
Thundersnow is expected to bring up to 7in (20cm) of snow in parts of the UK, with the worst weather during the evening rush-hour.
But I love this. I was in North Yorkshire for many, many months while serving with the USAF. They knew how to sit out any storm or adversity: the pub.
Wow, I miss northern England.
*************************************
The Musical Countdown
#12 in the 20-song countdown.
I Will Follow Him, Little Peggy March
They won't have to travel far. He's staying in Washington, DC.
***********************
Jobs
Amazon says it will create 100,000 new jobs over the next 18 months, The Washington Post.
March 27, 2021: production data updated. See below.
January 7, 2019: these Wold wells are a mile or so to the northeast of the "original Wold" wells:
34471, 1,573, Whiting, Wold 41-5-3H, Banks, t11/18; 126K 9/19; cum 174K 1/21; cum 210K 2/23; still F;2580
34470, 2,283, Whiting, Wold 41-5- 2TFHR, Banks, t11/18; cum 137K 9/19; cum 184K 1/21; cum 233K 2/23; still F;
34469, 2,714, Whiting, Wold 41-5-2HR, Banks, t11/18; cum 153K 9/19; 208K 1/21; cum 232K 2/23;
neighboring wells --
25804, 1,837, off-line since 1/18, back on line, 5/19; t3/14; cum 124K 9/19; cum 149K 1/21; cum 170K 2/23;
23153, off-line 10/18; back on line 12/18; t3/13; cum 189K 9/19; cum 194K 1/21; cum 223K 2/23;
23154,off-line 10/18; back on line 12/18; cum 114K 9/19; cum 118K 1/21; cum 141K 2/23;
March 18, 2018: graphic updated --
November 28, 2017: Whiting has two rigs on the 15-well Wold mega-pad. Two neighboring wells were shut in as of 9/17.
Original Post
NDIC approved fifteen (15) Wold / Wold Federal permits for Whiting yesterday:
33252, AB/1,852, Whiting, Wold Federal 44-7-1TFH, Banks, t8/18; cum 104K 10/19; cum 123K 2/23; GL;
33253, 1,158, Whiting, Wold Federal 44-2-1TFH, Banks, t7/18; cum 109K 9/19; cum 141K 1/21; cum 168K 2/23; GL;
33254, 2,253, Whiting, Wold Federal 44-7-3TFXH, Banks, t7/18; cum 123K 9/19; cum 133K 1/21; off line for almost a year; back on line 12/20; cum 160K 2/23; still F;
33255, 990, Whiting, Wold Federal 44-7-4TFXH, Banks, t7/18; cum 120K 9/19; cum 147K 1/21; intermittent production in CY20; cum 179K 2/23; GL;
33256, 1,173, Whiting, Wold Federal 44-7-5TFXH, Banks, t7/18; cum 158K 9/19; cum 165K 1/21; off line much of CY20; back on line 12/20; cum 189K 2/23; AL;
33257, 1,649, Whiting, Wold Federal 44-7-6TFXH, Banks, t7/18; cum 150K 9/19; cum 175K 12/20; off line 1/21; cum 205K 2/23; GL;
33258, EXP/loc, Whiting, Wold 44-7-7TFH,
33259, 2,064, Whiting, Wold Federal 44-7-1H, Banks, t9/18; cum 149K 9/19; cum 214K 1/21; cum 258K 2/23; GL;
33260, 2,211, Whiting, Wold Federal 44-7-2H, Banks, t9/18; cum 149K 9/19; cum 189K 1/21; cum 223K 2/23; still F;
33261, 1,091, Whiting, Wold Federal 44-7-3H, Banks, t8/18; cum 153K 9/19; cum 195K 1/21; cum 233K 2/23; GL;
33262, 2,712, Whiting, Wold Federal 44-7-4XH, Banks, t8/18; cum 225K 9/19; cum 281K 1/21; cum 323K 2/23; still F;
33263,2,537, Whiting, Wold Federal 44-7-5XH, Banks, t8/18; cum 215K 9/19; cum 304K 1/21; cum 367K 2/23; GL;
33264, 2,510, Whiting, Wold Federal 44-7-6XH, Banks, t8/18; cum 176K 9/19; cum 249K 1/21; cum 299K 2/23; GL;
33265, 1,997, Whiting, Wold Federal 44-7-7H, Banks, t8/18; cum 172K 9/19; cum 234K 1/21; cum 267K 2/23; GL;
33266, 1,997, Whiting, Wold Federal 44-7-8H, Banks, t8/18; cum 136K 9/19; cum 192K 1/21; cum 236K 2/23; GL;
Existing:
32833, 3,058, Whiting, Wold 16-7TFH, Banks, t10/16; cum 213K 9/19; shut in as of 8/17; back on line 8/18; cum 231K 1/21; cum 249K 2/23; AL;
19468,IA/866, Whiting, Wold 16-7H, 26 stages, 3.2 million lbs, t3/11; cum 420K 9/19; cum 437K 1/21; see below. Note the production increase in this well after it was put back on line after neighboring (but different formation) was fracked -- a five-fold surge. Prior to coming off-line, this well was producing 2,000 bbls/month; after it came back on-line it produced more than 10,000 bbls of oil in the first 26 days; also note the surge in natural gas production. Shut in as of 8/17; back on line 8/18; not second surge in production; cum 464K 2/23; AL;
************************************
32833, see above, Whiting, Wold 16-7TFH, Banks:
Date
Oil Runs
MCF Sold
11-2016
35486
60219
10-2016
9216
3366
19468,866, Whiting, Wold 16-7H, t3/11; cum 420K 9/19;see this post.
DAPL forecast: again, North Dakota is pretty much shut down for the day. Darn that global warming!! It will be so much better 83 years from now when it's 18.8 degrees below zero instead of 20 degrees below zero.
***************************************
Why I Love To Blog
I had to quit early last night. I was overwhelmed by one photo that a reader sent me. I will post it later. About the same time I was receiving so many e-mails from readers I was simply unable to keep up. There is so much good stuff out there. On top of that, the fifteen new permits by Whiting is a perfect example of what I mean by "Bakken 2.0." I wanted to dedicate a stand-alone post to those fifteen permits but simply ran out of steam. Perhaps I will get to it today.
So that I don't forget anything today, I may just provide some links with minimal commenting and see how it goes.
First the photographs that completely overwhelmed me. Look how far this cattle herd stretches; you cannot see the end at it stretches into the far horizon. It's mind boggling. The photographs will be sharper at the original site where they were posted.
The rancher says they are generally able to leave the cattle out during the winters in the past; historically there has not been that much snow cover. But this year, the snow was overwhelming and the rancher(s) had no choice but to bring the cattle "in" to make sure they were able to be fed. This is from Gil Red Angus facebook site. The ranch is located in/near Timber Lake, SD. Timber Lake is about 50 miles due south from the Standing Rock Reservation along the ND/SD state line. By road, it it is about 90 miles south of Cannon Ball, ND, site of the DAPL protests.
Cattle are not able to fend for themselves in snow like this; American bison ("buffalo") are able to fend for themselves even in deep snow.
Cattle Call, Eddy Arnold
*******************************
Big oil ready to surge: projects started before price crash are now coming on line, Bloomberg via Rigzone.
seven of the world’s largest energy companies will together boost oil
and natural gas output by 398,000 barrels a day, the most since since
2010
the oil majors aren’t increasing their drilling budgets. Instead they’re
benefiting from money invested before the rout. Lower costs combined
with higher output would allow companies including Exxon Mobil Corp. and
Royal Dutch Shell Plc to maximize their gains from improved oil prices.
Should crude remain above $50 a barrel, 2017 could be a break-out year,
eliminating the need to borrow to pay dividends
after reaching an intraday low of $27.10 a barrel on Jan. 20, Brent oil
prices more than doubled to a high of $57.89 on Dec. 12. Futures traded
Wednesday at $53.97 a barrel, up 0.6 percent, as of 11:46 a.m. London
time. The global benchmark rose 52 percent last year, its biggest yearly
gain since 2009. Shares in the majors, meanwhile, rose across the
board, led by Shell, whose B shares gained 53 percent in London, the
best annual increase since at least 1990
Disclaimer: this is not an investment site.
Oil, gas investment to grow in 2017 for first time since price crash, Rigzone. Projects will be smaller, more efficient.
Iraq cuts oil production by 160,000 bopd under OPEC deal, via Reuters.
Update on development of Mediterranean natural gas oil field off Israel. This was a big story some months ago; now an update. Tagged: Energean Oil & Gas; Tanin; Karish; US-Israeli partners Delek Group and Noble Energy.
Anyone charging their Tesla in their residential garage in New England last night just before midnight could be in for a huge surprise on their utility bill, I suppose.
******************************
Mexico
Investors are "bolting" Mexico. Peso in free fall. The road to Venezuela? The Wall Street Journal.
Mexico "ready" to negotiate with Trump. First agenda item: the "wall." Reuters via Yahoo News.
For newbies, I've been saying for the past few months, two big stories being under-reported by mainstream media: Mexico and India.
the real story: claims surged 10,000; estimate was for an eighteen-thousand surge -- wow
not only that, previous week was revised upward by 2,000
97 consecutive weeks below 300,000
four-week average: fell 1,750 to 256,500
*******************************
Back to the Bakken
Active rigs:
1/12/2017
01/12/2016
01/12/2015
01/12/2014
01/12/2013
Active Rigs
36
54
156
192
182
RBN Energy: impact of changes to the Mexican heavy crude benchmark. This article takes us back to the Keystone Pipeline and why it was so incredibly important to the US oil industry's long-term planning. The fact that it would be killed by the Obama administration was the farthest thing from the oil industry's mind when the pipeline was being planned. Not only did killing the Keystone completely disrupt strategic (40+ year-vision) plans for North American energy independence it led the way for keystoning the entire US crude oil and natural gas pipeline planning process.
Maya, Mexico’s flagship heavy crude, has been a key staple in the
diet of U.S. Gulf Coast refiners for a long time, and it has faithfully
served as a price benchmark for nearly all heavy crude oil traded along
the U.S. Gulf, and points beyond.
Maya’s price, relative to lighter
benchmark grades such as Louisiana Light Sweet (LLS) or Brent, provides
ready insight into the profitability of heavy oil (coking) refiners. But
production of Maya peaked in 2004 and has declined considerably since
then, raising questions about its continuing efficacy as a price
benchmark.
Now it’s come to light that a component of the Maya price
formula was changed effective January 1, 2017. Although the
change—related to the formula’s fuel oil price component—might be viewed
as a relatively minor tweak, it raises new questions about this
important heavy oil price benchmark. Today we begin a two-part series on
Maya crude, the new price formula and its potential effects.
Mexico currently produces about 2.2 million barrels a day (MMb/d) of crude oil, which makes it the 12th largest-producing country in the world. P.M.I. Comercio Internacional
S.A. de C.V. (PMI) is the crude oil marketing entity of state-controlled
Petróleos Mexicanos (PEMEX) and manages exports that currently comprise
about one-half of production, ~1.1 MMb/d.
PMI exports four distinct
quality grades of crude oil, ranging from Altamira (an asphalt grade)
and Maya on the lower end of the quality spectrum, to Isthmus in the
middle, and Olmeca at the higher end. PMI reports that its typical
customer base includes a total of about 25 refiners in the Americas,
Europe, and the Far East.
*****************************
A Note For The Granddaughters
When I look back on my life, and I think many folks do the same thing, I look at the forks in the road that really, really changed my life.
I can actually remember one event in first grade (elementary school) that foreshadowed my "life."
The next fork in the road of my life, without question, was two years of Latin in 8th and 9th grade, at Central Junior High. Without question, Latin was the most important course I ever, very took. It got me excited about world history. It made my ability to read English that much better. It introduced me to classical Greece and Rome. Mythology. I remember very clearly my Latin instructor telling us that the most difficult thing about teaching Latin was having to "teach English grammar" to students. Latin prepared me for college, and it really, really paid off in graduate school. I have trouble understanding students who plan a major in science in college who do not take Latin. If they don't take Latin, I consider it a failure of adult leadership, particularly school "counselors." Latin is available everywhere -- if not actually "offered" by middle or high school, it can be taken on-line.
On her own, our oldest granddaughter, now an 8th grade student, is taking Latin. She takes it during "zero hour." Her middle school day starts with first period and runs through six or seven periods. But for those who want, they can take an elective at the high school which starts an hour earlier than her middle school and is called "zero hour." She opted to take Latin in "zero hour" and says she loves it.
One of our favorite topics of discussion on the drive to school is the etymology of words, and then to think of other words that have the same base. It's amazing where the discussions lead.
Which takes me to another story.
I wish I had tracked language development of our two daughters, and the language development of our three granddaughters, but for various reasons (mostly too busy) I did not.
Because of the way things worked out, I spend three to fours with Sophia (2.5 years old). We are joined at the hip. She loves to talk and it's been a real joy to hear her development.
I can't articulate this well, but how toddlers figure out language is very enlightening. When something is happening, we add "ing" to the base verb: running, laughing, cheering, growing, baking. When we add "ing" to run, it means that "running" is happening. When we add "ing" to laugh, it means that "laughing" is happening.
We don't say it is "getting laughed", or "getting baked." Someone is "laughing" or something is "baking."
Sophia and I go to the park almost every day. We stay until its becomes too dark to see anything, although lately we have even gone back to the park after dark.
Over the past three days when it was time to start heading home, I noted how Sophia referred to the coming darkness. She did not say it was "getting dark." She said it was "darking." It's possible she meant to say "it is darkening" but whether it was "darking" or "darkening" she figured that if you say something is baking, running, laughing, then with night time coming on, one says it is "darking."
I don't correct her. We just continue the conversation. I'm not interested in necessarily teaching her English. I'm interested in conversations.
Last night the moon was full, or almost nearly full. I had her look in that direction and she immediately told me it was the moon. I told her several times that when the moon was that big, it was a "full" moon. She remembered that for the rest of the stroller ride home. It will be interesting if she remembers that term tonight when the moon will be just as big / full.
